Investors pile in to CaixaBank's new Tier 2
LONDON, Oct 29 (IFR) - Demand for CaixaBank's new subordinated Tier 2 issue has reached over EUR3bn as investors seek to get exposure to the country's higher yielding debt.
Lead managers Bank of America Merrill Lynch, Barclays, BNP Paribas, CaixaBank and Goldman Sachs opened books with initial price thoughts of mid-swaps plus 415bp area on Tuesday, and were able to revise that tighter to 400bp over (+/-5bp) on the back of the strong interest.
The 10-year non-call five-year deal size has been set at EUR750m. CaixaBank is rated BBB-/BBB by S&P/Fitch at the senior level, with the new deal expected to be one notch lower at BB+/BBB-. (Reporting by Helene Durand, editing by Julian Baker)
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